Your 90 Day Procurement Contract Management Plan
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Not getting started with contract management is a Massive mistake that could cost you millions.
Seriously - value erosion of contracts, that directly impacts on a companies revenue is over 20% of turnover in some organisations.
That’s terrifying.
Hiring a contract management pro to build out this capability in your procurement team could be the perfect way to get started.
On to empower someone in your procurement team to make a start.
There’s no one size fits all to starting contract management.
It depends where you are now.
Your company aims.
The people and capability in your organisation.
But I typically focus on 3 main areas:
1 - Relationships and Benchmarking
2 - Processes and Assets
3 - Visibility and Ownership
If you can get each of these in place within a short period of time, say 90 days, you’ll have made significant progress.
I’d say this is a pretty sound guide for any contract managers in a role or moving into a role.
What’s one area you’d like to improve when it comes to supplier contract management?